Eastern Bankshares (NASDAQ:EBC) Coverage Initiated by Analysts at Hovde Group

Hovde Group started coverage on shares of Eastern Bankshares (NASDAQ:EBC) in a research note released on Monday morning, MarketBeat reports. The firm issued an outperform rating and a $22.50 target price on the stock.

EBC has been the topic of several other research reports. Zacks Research cut shares of Eastern Bankshares from a “hold” rating to a “strong sell” rating in a research report on Monday, December 15th. Cowen began coverage on shares of Eastern Bankshares in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Barclays began coverage on shares of Eastern Bankshares in a research note on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Eastern Bankshares in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.88.

Eastern Bankshares Trading Up 1.2%

Shares of EBC opened at $19.36 on Monday. The stock has a market cap of $4.08 billion, a PE ratio of 77.68 and a beta of 0.81. Eastern Bankshares has a 52-week low of $13.51 and a 52-week high of $20.19. The firm’s fifty day moving average is $18.41 and its two-hundred day moving average is $17.35. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. The company had revenue of $162.26 million during the quarter. Eastern Bankshares had a net margin of 4.97% and a return on equity of 7.94%. Research analysts forecast that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Wednesday, December 3rd were issued a $0.13 dividend. The ex-dividend date was Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 2.7%. Eastern Bankshares’s dividend payout ratio (DPR) is 208.00%.

Insider Activity

In related news, CFO R David Rosato acquired 10,000 shares of the stock in a transaction dated Tuesday, October 28th. The stock was acquired at an average cost of $17.08 per share, with a total value of $170,800.00. Following the completion of the transaction, the chief financial officer owned 30,000 shares in the company, valued at $512,400. This represents a 50.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert Francis Rivers acquired 50,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was purchased at an average cost of $17.21 per share, for a total transaction of $860,500.00. Following the completion of the transaction, the insider owned 403,274 shares in the company, valued at approximately $6,940,345.54. The trade was a 14.15% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

Several hedge funds and other institutional investors have recently bought and sold shares of EBC. Assetmark Inc. grew its holdings in shares of Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock worth $30,000 after purchasing an additional 1,947 shares during the last quarter. Corsicana & Co. acquired a new position in Eastern Bankshares during the third quarter worth approximately $36,000. Allworth Financial LP lifted its stake in Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after buying an additional 584 shares during the last quarter. CWM LLC boosted its holdings in shares of Eastern Bankshares by 90.5% in the second quarter. CWM LLC now owns 2,862 shares of the company’s stock valued at $44,000 after acquiring an additional 1,360 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of Eastern Bankshares in the third quarter valued at approximately $49,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.